This program addresses the many complex financial and tax accounting issues that are common in S corporation transactions, with discussion of common pitfalls and the AICPA "small" GAAP accounting standards.
This course does not qualify for IRS credit.
DESIGNED FOR
CPAs working with S corporations and members in business and industry seeking to keep their knowledge current
BENEFITS
- Apply key financial accounting aspects of S corporations
- Explore the common differences between financial accounting and tax accounting for S corporations
HIGHLIGHTS
- Review of the AICPA "small&" GAAP rules
- The impact of the entity's tax status history on its financial accounting
- Deferred tax accounting for S corporations
- Required S status financial accounting disclosures
- Financial accounting impact of the C to S election and the S to C election
- The relationship of financial accounting and the Form 1120S
- Financial and tax accounting for the S corporation shareholder equity account
- Financial vs. tax accounting for loans to and from S corporations and their shareholders
PREREQUISITES
Basic working knowledge of financial accounting
ADVANCE PREPARATION
None